The Aratar were generally referred to by the Edain and other men as "gods".

THE VALAR
Manwë Lord of Air, Lord of the Breath of Arda
Ulmo Lord of Waters
Aulë Lord of Earth, Master of Crafts &mp; Smithing, Creator of the Khazad
Oromë Lord of Forests
Tulkas Astaldo (the Valiant)
Melkor Lord of Fire and Darkness, The Great Enemy, the Dark Lord, Morgoth

THE VALIER
Varda Lady of the Stars, Elbereth, beloved of the Elves
Yavanna Lady of the Earth, Giver of Fruits
Nienna Lady of Grief, Sorrow, & Lamentation (sister to the Fëanturi)
Estë Lady of Healing
Vairë the Weaver (of Time)
Vana the Ever-Young
Nessa Lady of the Dance & Running, sister to Oromë

I consider the Valaquenta to be a useful transition, a helpful waypoint before the storytelling about the Silmarils begins. It assigns portfolios to Tolkein's various gods, and helps to humanize the otherwise inexplicable behavior they show once Time begins.